Grieg Green

About Grieg Green

Grieg Green is part of the Grieg Star Group which has over 130 years of maritime experience. It offers ship owners an alternative to the controversial “beaching” method to demolish ships. Grieg Green buys ships from ship owners and sells them to contracted recycling yards in Turkey in China. These yards ensure sustainable demolition with no negative impact on workers and the environment.

Grieg Green's needs

Grieg Green wants to increase its impact by buying more ships from ship owners. This requires substantial financial means. In addition Grieg Green wants to act quickly when a ship owner wants to recycle a ship. So the owner has an alternative to beaching that is financially and operationally viable.

Relevant factors

Out of 1,026 ships recycled in 2014, 641 ships were beached in 2014 (62.5%)

Beaching occurs mainly in India, Pakistan and Bangladesh.

There is increased pressure from cargo owners, the media and environmental groups for the shipping industry to become more sustainable.

Our approach

Because of our experience and extensive knowledge of the maritime sector, we know what sustainability issues the shipping industry is facing. Collaboration is crucial to realize change. That is why we co-founded the Sustainable Shipping Initiative. We knew Grieg Green because they stand out in the way they demolish ships. We proactively contacted them to discuss if we could help them develop their business.

Our solution

The financing solution we provided enables Grieg Green to grow. Now they can purchase more ships for sustainable recycling. By introducing Grieg Green to our network, they have the opportunity to do more business. As well as inform ship-owners about the sustainable alternative to demolish ships. We are pleased that we can contribute this way to a more sustainable shipping industry by using our financial strength and know-how.